- Bitcoin trades on a bullish bias at 49,140 and encounters at 49,850. on an instant resistance
- Meanwhile, the US dollar was weak across the board, putting more pressure on BTC / USD as the two have a negative correlation
- According to Bitpanda, the issuance of a fully EU-based BTC ETC enable exposure to a new asset class with the euro as the base currency
the BTC / USD was last recorded at $ 48,923.0, with a high of $ 49,352.0 and a low of $ 46,683.0. BTC / USD rose for the second day on Tuesday, making up some of its losses from the previous day as market sentiment on Bitcoin rebounded. Bitpanda, a cryptocurrency investment platform based in Vienna, has released its first exchange-traded cryptocurrency note, which tracks the price of Bitcoin and is sold in euros. The $ 4.1 billion investment platform has announced that it will launch more crypto ETC products in 2022. Bitpanda is a cryptocurrency platform and Bitcoin ETC is one Cryptocurrency, which is physically backed by Bitcoin and traded on the Xetra exchange of Deutsche Börse. Xetra has hosted ETPs of 21 stocks, ETC Group and Wisdom Tree; However, the advent of physical cryptocurrency ETPs has not been welcomed in the United States. According to Bitpanda, the issue will be a wholly EU resident BTC ETC, with the euro as the base currency, enable exposure to a new asset class. That news fueled optimism about BTC / USD on Tuesday, causing prices to spike. Another factor contributing to the surge in BTC / USD values could be China’s cryptocurrency ban. According to some analysts, Houbi completed his exit from China last week, which may have slowed Asian selling pressures and pushed BTC / USD higher. Huobi, China’s cryptocurrency exchange, said in September that in response to China’s stricter crypto trading regulations, it would be laying off all existing customers in mainland China by the end of this year. As a result, easing selling pressures in Asia has compounded positive pressures on BTC / USD. Meanwhile, the US dollar has been weak across the board, putting upside pressure on the BTC / USDbecause the two have a negative correlation. After the risk-on mentality emerged in the market, the US dollarindex, which measures the value of the greenback against a basket of six major currencies, comes in at 96.34. The announcement that coronavirus tablets have been approved by the U.S. Food and Drug Administration has allayed fears about the Omicron variety. Pfizer and Merk’s drugs are used to fight the coronavirus and reduce its impact on the global economic recovery. All of this news weighed on safe US currency and allowed BTC / USD to stay higher for the day.
Daily technical level
Pivot point: 48,319.3
Bitcoin Price Analysis – Are You Going After $ 50,000?
Bitcoin is trading on a bullish bias at 49,140 and faces immediate resistance at 49,850. A bullish crossover above this level would do that BTC/ USD to the 51,830 resistance zone. At the same time, support remains around the 48,044 mark. A break below the 48,044 level would expose Bitcoin to the 45,700 support zone.
The RSI and Stoch RSI support a bullish bear that could trigger an uptrend in Bitcoin. So let’s consider a buy trade to 49,900 and 51,800. Much luck!
Source: Crypto News Deutsch